Adani New Industries’ Green Hydrogen unit targets US$3 billion funding boost for expansion

AHMEDABAD : Adani New Industries (ANIL) is actively engaged in discussions to secure up to US$3 billion in funding, earmarked for capital expenditure to bolster its presence in India’s burgeoning green hydrogen sector.

The ports-to-power conglomerate’s subsidiary is in talks with an array of foreign lenders, contemplating the fundraising through offshore loans spread across two or three tranches within the next 12 months, with the fundraising process set to kick off in June this year.

Among the prominent financial institutions involved in discussions for the credit facility are DBS Bank, Deutsche Bank AG, First Abu Dhabi Bank PJSC, ING Bank NV, MUFG Bank, and Standard Chartered Bank.

ANIL has ambitious plans to commence clean fuel production in Gujarat from 2027, with a potential investment reaching US$ 50 billion over the next decade. The funds raised are earmarked to support this clean hydrogen production initiative, aligning with the government’s push for technology integral to achieving net-zero emissions by 2070.